EX-99.1 2 ambassadors-ex991_072111.htm MONTHLY OPERATING REPORT ambassadors-ex991_072111.htm
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
 
  
 
In re:
  
Chapter 11
       
 
AMBASSADORS INTERNATIONAL, INC., et al.,1
  
Case No. 11-11002 (KG)
       
 
Debtors.
  
Jointly Administered
       
     

 
MONTHLY OPERATING REPORT
 
File with Court and submit copy to United States Trustee within 20 days after end of month.
 
Submit copy of report to any official committee appointed in the case.
 
REQUIRED DOCUMENTS
Form No.
Document
Attached
Explanation
Attached
Affidavit/Supplement
Attached
Schedule of Cash Receipts and Disbursements
MOR-1
X
    
Bank Reconciliation (or copies of debtor’s bank reconciliations)
MOR-1a
  
X
  
Schedule of Professional Fees Paid
MOR-1b
X
    
Copies of bank statements
    
X
  
Cash disbursements journals
    
X
  
Statement of Operations
MOR-2
  
X
  
Balance Sheet
MOR-3
X
    
Status of Postpetition Taxes
MOR-4
  
X
  
Copies of IRS Form 6123 or payment receipt
    
X
  
Copies of tax returns filed during reporting period
    
X
  
Summary of Unpaid Postpetition Debts
MOR-4
X
    
Accounts Receivable Reconciliation and Aging
MOR-5
X
    
Debtor Questionnaire
MOR-5
X
    

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
 
     
     
/s/ Eugene I. Davis  
July 20, 2011
Signature of Authorized Individual*
  
Date
     
     
Eugene I. Davis
  
President
Printed Name of Authorized Individual
  
Title of Authorized Individual

 
 
 
__________________________  
1  The Debtors in these chapter 11 cases, along with each Debtor’s individual case number and the last four digits of each Debtor’s federal tax identification number, are: Ambassadors International, Inc. (Case No. 11-11002 (KG)), (8605); Ambassadors Cruise Group, LLC (Case No. 11-11003 (KG)), (2448); Ambassadors, LLC (Case No. 11-11004 (KG)), (0860); EN Boat LLC (Case No. 11-11006 (KG)), (8982); AQ Boat, LLC (Case No. 11-11009 (KG)), (5018); MQ Boat, LLC (Case No. 11-11008 (KG)), (5095); DQ Boat, LLC (Case No. 11-11010 (KG)), (5064); QW Boat Company LLC (Case No. 11-11005 (KG)), (0658); Contessa Boat, LLC (Case No. 11-11007 (KG)), (9452); CQ Boat, LLC (Case No. 11-11011 (KG)), (9511); and American West Steamboat Company LLC (Case No. 11-11012 (KG)), (0656).  The mailing address for each Debtor is 180 Maiden Lane, New York, New York 10038.  The chapter 11 case of Ambassadors International Cruise Group (USA), LLC (7304) (Case No. 11-11013) was dismissed on May 19, 2011.
 
*  Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
 
 

   
In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

 
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS2
 
Amounts reported should be per the debtor’s books, not the bank statement.  The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed.  The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns.  The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) .  Attach copies of the bank statements and the cash disbursements journal.  The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page.  A bank reconciliation must be attached for each account.  [See MOR-1 (CON’T)]
 
     
CURRENT MONTH (ACTUAL)
Ambassadors International, Inc.
American West Steamboat Company LLC
CASH BEGINNING OF MONTH
4,088,042.58
2,160.02
     
RECEIPTS
    
CASH SALES
    
CREDIT CARD RECEIPTS
    
ACCOUNTS RECEIVABLE
    
LOANS AND ADVANCES
    
SALE OF ASSETS
    
DEPOSITS
374.38
  
TRANSFERS (FROM DIP ACCOUNTS)
  
112,744.18
     
TOTAL RECEIPTS
374.38
112,744.18
     
DISBURSEMENTS
    
INSURANCE
55,037.55
  
PAYMENTS TO OTHER VENDORS
1,645.16
  
OTHER
30,612.99
114,903.20
TRANSFERS (TO DIP ACCTS)
112,744.18
  
PROFESSIONALS FEES
44,067.85
  
U.S. TRUSTEE QUARTERLY FEES
    
COURT COSTS
    
     
TOTAL DISBURSEMENTS
244,107.73
114,903.20
     
NET CASH FLOW
    
(RECEIPTS LESS DISBURSEMENTS)
    
     
CASH - END OF MONTH
3,844,309.14
0.00

 
THE FOLLOWING SECTION MUST BE COMPLETED
 
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
Ambassadors International, Inc.
American West Steamboat Company LLC
TOTAL DISBURSEMENTS
244,107.73
114,903.20
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
112,744.18
  
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
131,363.55
114,903.20
 

 
__________________________  
2
The following Debtors had no receipts or disbursements in June 2011: Ambassadors Cruise Group, LLC; Ambassadors, LLC; AQ Boat, LLC; MQ Boat, LLC; DQ Boat, LLC, QW Boat Company LLC, EN Boat LLC, CQ Boat, LLC, and Contessa Boat, LLC.

   
In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

 
DEBTORS’ BANK RECONCILIATION CERTIFICATION
 
To the best of my knowledge and belief, the Debtors have reconciled all bank statements for the reporting period covered by this operating report.  The figures included in this report are the resulting book balances.
 

 
July 20, 2011      
 /s/ Eugene I. Davis                       
Date
Signature of Responsible Party
Eugene I. Davis
   

 

 


In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
 

 
This schedule is to include all retained professional payments for the reporting period covered by this operating report.
 
PROFESSIONAL
AMOUNT
Moss Adams LLP
$32,530.35
WTAS, LLC
$11,537.50


In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

STATEMENT OF OPERATIONS
(Income Statement)
 
The Debtors have no operations and recognized no revenue during June 2011.
 



 

In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

BALANCE SHEET
 
The Balance Sheet is to be completed on an accrual basis only.  Pre-petition liabilities must be classified separately from postpetition obligations.
 
Period: June 2011
 
   
Ambassadors International, Inc.
    
Majestic3
    
Discontinued Operations
    
CONSOLIDATED
  
 
ASSETS
                        
Current Assets:
                        
Cash & Cash Equivalents
     3,844,309       -       -       -  
Restricted Cash
     -       -       -       -  
Accounts Receivable
     -       -       -       -  
Prepaid Exp & Other Current Assets
     -       -       -       -  
Inventory
     -       -       -       -  
TOTAL ASSETS
     3,844,309       -       -       3,844,309  
                                 
LIABILITIES & STOCKHOLDERS’ EQUITY
                                
Current Liabilities:
     -       -       -       -  
Accounts Payable (Prepetition)
     234,540       579,486       -       814,026  
Accounts Payable (Postpetition)
     12,971       1,163       -       14,134  
Accrued Professional Fees & Expenses
     3,829,387       -       -       3,829,387  
Intercompany Payable
     (58,904,466 )     54,540,412       4,364,055       -  
Corporate Concentration Cash
     (4,028,233 )     14,033,502       (9,975,270 )     -  
Notes Payable – MARAD
     958,142       -       -       958,142  
Notes Payable
     30,192,914       -       -       30,192,914  
TOTAL LIABILITIES
     (27,704,745 )     69,154,563       (5,611,215 )     35,808,603  
                              -  
Stockholders’ Equity:
     -       -       -       -  
Common Stock
     33,218       -       -       33,218  
Additional Paid In Capital
     118,439,551       -       714,990       119,154,541  
Other Equity
     (84,781,168 )     7,112,517       6,376,103       (71,292,548 )
Retained Earnings (Accumulated Deficit)
     (2,142,547 )     (76,267,080 )     (1,479,877 )     (79,889,504 )
Current Period Earnings (Losses)
     -       -       -       -  
Total Stockholders’ Equity
     31,549,054       (69,154,563 )     5,611,215       (31,994,294 )
TOTAL LIAB. & STOCKHOLDERS’ EQUITY
     3,844,309       -       -       3,844,309  


 
__________________________ 
3This column includes EN Boat LLC, AQ Boat, LLC, MQ Boat, LLC, DQ Boat, LLC, QW Boat Company LLC, Contessa Boat, LLC, CQ Boat, LLC and American West Steamboat Company LLC, which are non-operational.

In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011
 

 
DEBTORS’ TAX CERTIFICATION
 
To the best of my knowledge and belief, Debtors have made all required tax payments on a timely basis, except for pre-petition liabilities not authorized for payment by the Bankruptcy Court.
 



July 20, 2011   
 /s/ Eugene I. Davis                     
Date
Signature of Responsible Party
Eugene I. Davis
   

 
 

 


In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
Debtor
Reporting Period: June 2011

SUMMARY OF UNPAID POSTPETITION DEBTS4
 

CURRENT
     
 
Ambassadors International, Inc.
American West Steamboat Company LLC
Accounts Payable (0-30 days)
118.17
  
Accounts Payable (30-60 days)
3,029.54
1,162.80
Accounts Payable (+60 days)
9,752.79
0.00
Professional Fees and Expenses
3,826,169.24
  
Amounts Due to Insiders*
0
0
Total Postpetition Debts
3,829,386.95
1,162.80


 

_____________________________
 
4
The following Debtors have no postpetition debts: Ambassadors Cruise Group, LLC; Ambassadors, LLC; EN Boat LLC; AQ Boat, LLC; MQ Boat, LLC; DQ Boat, LLC; QW Boat Company LLC; Contessa Boat, LLC; and CQ Boat, LLC.
*     “Insider” is defined in 11 U.S.C. Section 101(31).
 
 

In re Ambassadors International Inc, et al.,
Case No. 11-11002 (KG)
    
Debtor
Reporting Period: June 2011
    

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
 
Accounts Receivable Reconciliation
AMOUNT
Total Accounts Receivable at the beginning of the reporting period
N/A
+ Amounts billed during the period
N/A
- Amounts collected during the period
N/A
Total Accounts Receivable at the end of the reporting period
N/A
 
N/A
Accounts Receivable Aging
  
0 - 30 days old
N/A
31 - 60 days old
N/A
61 - 90 days old
N/A
91+ days old
N/A
Total Accounts Receivable
N/A
Amount considered uncollectible (Bad Debt)
N/A
Accounts Receivable (Net)
N/A

DEBTOR QUESTIONNAIRE
 
Must be completed each month
Yes
No
1.Have any assets been sold or transferred outside the normal course of business this reporting period?
  
X
2.Have any funds been disbursed from any account other than a debtor in possession account this reporting period?  If yes, provide an explanation below.
  
X
3.Have all postpetition tax returns been timely filed?  If no, provide an explanation below.
X
  
4.Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.
X
  
5.Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
  
X